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Wealth of a Nation

The Wealth of a Nation

The Wealth of a Nation covers the topic of capitalism, the basic economic structure of the United States . Based on the book Free Enterprise, Our Heritage, Our Wealth , the class provides students with an understanding of a market economy.

Free enterprise is the underlying force that drives the economy of America , the most prosperous and generous nation in the world. It is one of the key to the creation of wealth, and the better students understand the system, the better they will be able to succeed within it.

The class explores the history of capitalism, its connection to self-interest and the system’s built-in incentive for businessmen and women to work to make others better off. Fundamentals such as supply and demand, the government’s role in contract enforcement, private property rights, and relationships between profit, loss, and wages are explained. The production of wealth in free enterprise versus non-enterprise economies (those based on socialism or economic fascism) are also examined.

The four-week series ends with a discussion of ten common myths associated with capitalism. The goal of the curriculum is to provide students with an understanding of the operations of, opportunities, and choices a free enterprise economic system offers them, in the hope that they will be encouraged to safeguard its principles and improve its shortcomings for future generations.

Free Enterprise: Our Heritage, Our Wealth is written to introduce students to the basic concepts of capitalism. Published by the Colorado Council on Economic Education, it provides a succinct and understandable explanation of the principles underlying free enterprise. It also discusses alternatives to a market economy and common myths associated with capitalism in order to give students a broader frame of reference when studying the material.

Lesson 1
The first class in the Wealth of a Nation series explains the connection between a nation’s wealth and the country’s ability to use its resources wisely to produce income. It also brings forth the premise that “success” in a free enterprise system is based on our ability to make others better off.

Lesson 2
Lesson two looks at the relationship between free enterprise and self-interest, and the essential elements of capitalism. This includes the government’s role in enforcing contracts, private property (the right of exclusion and right of transfer), prices, supply and demand, and finally, profit, loss, and wages.

Lesson 3
The alternatives to free enterprise, socialism and economic fascism , are described in lesson three. Students are asked to examine the effects of these systems on productivity, income, gaps in socio-economic status, and economic growth.

Lesson 4
The final class focuses on ten common myths about the free enterprise system. The course ends by challenging students to defend an economic system that has outstripped its competitors in the elimination of lack and production of wealth, and encourages them to keep refining it to better serve the needs of people.

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